Insurance

 Insurance - Uberrimae fidei

    We usually entered into an commercial contract which requires less detailed information to disclosed. However, insurance contracts require all information, such as age, family members, working environment, and salary and all kind of risk which might get compensation if any damages of the insured items happened. These information can help insurers to determine how much the premium should the person pay. Usually, the riskier the insured item is, the more insurance premium should be paid. 


   Insurance contracts are based on mutual trust and confidence between the insured and insurer. This is the legal in law, called Uberrimae fidei (Utmost Good Faith).